Smart machines spot fraud and assess risks in banking

The emerging regulatory technology or regtech market, driven by artificial intelligence, is helping to reduce fraud in the financial services sector, but how is the so-called future of compliance computing progressing? There can, it seems, be little doubt that big financial institutions are throwing what Mr Sulistyo calls "an insane amount of people" at the regulatory compliance problem. "An informed estimate for financial institutions is now around 10 to 15 per cent of total workforce dedicated to governance, risk management and compliance," he says. Unsurprisingly, he adds that the best risk professionals are in such high demand they are "as rare as unicorns and more expensive than their weight in gold". Mr Sulistyo says if you talk to London bankers, they are already hailing AI-driven regtech as a kind of magic silver bullet and saviour of the financial industry.